Subsequent Events

6 Months Ended

Jun. 30, 2026

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In preparation of the accompanying Condensed Consolidated Financial Statements, the Company has evaluated events and transactions that occurred after June 30, 2026 for recognition or disclosure purposes. Based on this evaluation, we identified the following subsequent events, from June 30, 2026 through the date on which the financial statements were available to be issued.

Sila Realty Trust, Inc.

On July 1, 2026, the Company, through NLT OP, indirectly acquired all of the outstanding shares of common stock of Sila Realty Trust, Inc., a publicly traded REIT invested in net-lease real estate in the healthcare sector, in an all-cash, take-private transaction. Total acquisition cost was approximately $2,452,674, including capitalized transaction costs of $57,872. The acquisition was funded by proceeds from the Company’s credit facility. In connection with the transaction, the Company acquired a total of 141 properties. The acquisition meets the definition of significant under SEC Rule 3-14 of Regulation S-X.

Proceeds from the Issuance of Common Shares

From July 1, 2026 through the date the financial statements were issued, the Company sold an aggregate of 35,731,054 common shares (consisting of 13,150,759 Class S shares, 2,763,843 Class N shares, and 19,816,452 Class I shares) resulting in net proceeds of $381,293 to the Company as payment for such shares. No Class D shares were sold from July 1, 2026 through the date the financial statements were issued.